Using surplus to fix Social Security, Medicare

ByCompiled from news wiresJune 29, 1999

WASHINGTON
— New budget projections show a tidal wave of unexpected taxes flowing into Washington - and President Clinton wants to use much of that money to bolster Social Security and Medicare.

"Now we have a chance to do even more to use the fruits of our prosperity today to strengthen our prospects for tomorrow - indeed for tomorrows well into the 21st century," the president said yesterday.

The White House now estimates that the budget surplus for 1999 will be $99 billion, some $20 billion more than bean counters thought it would be just a few months ago. Over the next 15 years Uncle Sam will receive $1 trillion more than previously estimated, a veritable tsunami of cash.

On Monday, Mr. Clinton proposed setting aside $794 billion over the next 15 years to strengthen and expand Medicare. That's an increase of $108 billion over previous White House plans. Clinton would earmark an additional $543 billion for Social Security, assuring the program's solvency until 2053.